Garla Rowland's take on Joint Mortgages
Posted: Aug 01, 2018
What Is a Joint Mortgage?
A joint mortgage is a mortgage you can take out with another person. Another person can be your wife, friend, business associate or any other family member. In joint mortgages, the people associated with it are responsible for making the monthly payments. However, it is up to you on how you want to share the equity on the house or property.
If you have money in the form of savings and just need a little bit of extra cash I would recommend going for payday loans with very bad credit.Who can get joint mortgages?
When it comes to joint mortgages you can borrow it together with your fiance or wife. Both married and unmarried couple can make use of a joint mortgages to purchase a new house. Mostly joint mortgages can be borrowed by 4 people, however, it is usually used by 2 people only.
You can also get this mortgages with your friends or friend if you want to share the house or just need financial support to buy the house. A joint mortgage can also be borrowed with your parents, they need to be working and must be financially stable for it.
You don’t have to be living with the other party with whom you are getting joint mortgages.How much can I borrow?
When it comes to borrowing from a joint mortgage, you can borrow a huge amount. As there are two people it increases the amount which you can borrow compared to a mortgage.
Lenders would consider your incomes before deciding an amount. You have to go through their affordability checks like income, incomings and outgoings, if any previous debts, credit history, etc. Only after doing a proper assessment the lenders will decide on a mortgage amount.Different ways to split a joint mortgage
There are two different ways in which you can split your joint mortgage.
In joint tenants, both the parties own the house equally. If you wish to sell the property or house, both the parties have to agree upon it before selling. If one of you die, the other person will get to own the property. Most people who are married or engaged go for joint tenancy.
Tenants in common
In tenants in common, you get to own different shares in the property. In this, you can sell your share of property if you want to. Also, you can choose the person who you want to leave your property to when you die. Mostly friends or family members go for tenants in common.